Frederick PENNEY Watercolor Prima Ballerina

Oval watercolor of prima ballerina by Fred Penney in original frame. Frame has some carved corners missing and was painted white. The actual painting is oval shaped and the back contains a  short biography of Penney and what appears to be a pencil artists signature...please see photos. Painting measures app. 20 inches at its widest. Frame measures 25" wide by 21" tall. Glass is intact, paper backing has been removed and taped. Please see photos of BACK of frame which has some issues but also depicts the original wood. I have done some research on the artist who passed away in 1988. I was raised in the Chicago suburbs and acquired this painting in the 1980's from a friend who received this from her grandfather, an apparent friend of the artist while he lived and worked in a northwest suburb of Chicago, Illinois. Any idea of the value?? Highly interested in any comments